Top 5 Takeaways for Contract Management and More

On October 3, 2022, McCarthy Tétrault hosted a seminar on Optimizing In-House Practice with People, Process and Technology with National Innovation Leader Matthew Peters, Partner and President MT>3 Susan Wortzman, Partner Jade Buchanan, and Lawyer-Revisor François Ouellette. The discussion focused on ways to leverage technology and machine learning, solutions for contract lifecycle management, using AI-optimized legal translation, and the benefits of right sourcing.
Here are some key takeaways:
- For managing your most demanding areas of high-volume, repeated legal work, there are three critical elements that must work in combination for maximum effect. You need the right:
- People – with proper training in technology and deep expertise deploying it
- Process – to manage the team and deploy the technology
- Technology – machine learning has matured and is more readily adopted to enable timely responses to regulators in the course of investigations, data breaches, and litigation production requests
- Take advantage of contract automation — Use automated templates for routine, higher volume contracts to meaningfully reduce both time and money. It Increases business friendliness by reducing commercial frictions and increases speed to sale.
- Consider shifting primary negotiations externally for repeat work to reduce cost, create elastic capacity, and increase turnaround times. Right-source using the people-process-technology rubric:
- Start small, focus first on leveraging existing people and processes to streamline legal work
- Shift focus to technology once you’ve refined the above and better understand how technology can aid your goals
- Utilize technology-driven contract lifecycle management — Technology can provide actionable business intel around renewals, expirations, and contract value, helping your legal team to be more efficient and proactive, while also minimizing risk and identifying opportunities.
- Transform your approach to legal translation – AI-enabled translation raises the bar in terms of quality, speed and cost-effectiveness.
For more information on our MT>Divisions and Client Solutions, please visit this page. To access the full seminar, please click here.
This program qualifies for up to 1 hour of CPD credit under the mandatory education regimes in British Columbia and Ontario.
Barreau du Québec Continuing Education: This program contains up to 1 hour of content. For more information regarding the declaration and recognition of educational activities, please contact the Barreau du Québec.